{"id":1004547587,"date":"2021-08-17T03:36:38","date_gmt":"2021-08-17T11:36:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004547587"},"modified":"2022-12-08T12:28:54","modified_gmt":"2022-12-08T20:28:54","slug":"cbs-building-sells-for-760m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/","title":{"rendered":"CBS Building Sells for $760M"},"content":{"rendered":"
\"\"<\/a>

51 West 52nd St.<\/p><\/div>\n

Harbor Group International has entered into a definitive agreement with ViacomCBS for the purchase of 51 West 52nd St.\u2014also known as the CBS Building\u2014in Midtown Manhattan\u2019s Plaza District. The price reached $760 million, marking the Class A building\u2019s first sale. The deal is slated to close before the end of the year, with ViacomCBS leasing back its space on a short-term basis. CBRE\u2019s Darcy Stacom and Bill Shanahan represented the seller.<\/p>\n

The new owner intends to implement a comprehensive capital improvement plan to upgrade the 38-story high-rise. A designated New York City Landmark, the building also known as Black Rock\u2014due to its dark granite facade\u2014was built to serve as CBS\u2019s headquarters. Viacom and CBS Corp.\u2019s merger was completed in late 2019.<\/p>\n

The 817,095-square-foot building opened in the 1960s and is the only skyscraper designed by Eero Saarinen. The tower offers 24,252-square-foot floorplates and is LEED Silver certified, according to CommercialEdge.<\/p>\n

Betting on NYC<\/h2>\n

With the purchase, Harbor will expand its Manhattan office portfolio, which already comprised two other Midtown assets: 24 West 40th St. and 55 Broadway. In January 2020, Harbor closed on the $372 million purchase<\/a> of Newport Office Center IV, an 861,000-square-foot tower in Jersey City, N.J. LeFrak Organization was the seller of the Class A property. That building is part of the 600-acre master-planned Newport neighborhood, developed by LeFrak along the Hudson River waterfront.<\/p>\n

Even though Manhattan remained the gateway market with the lowest office vacancy rate<\/a> as of July, deal volume lowered significantly since the pandemic started. In the first half of 2021, the market\u2019s total transaction volume reached $2.1 billion<\/a>, representing a 38.6 percent drop compared to the same period last year, according to CommercialEdge data. The Plaza District’s 11.8 percent vacancy rate as of July is one of the highest in the borough, but still below Soho’s 15.5 percent.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Manhattan landmark traded for the first time since its 1960s completion.<\/p>\n","protected":false},"author":739,"featured_media":1004547589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[32789,38820,39240],"class_list":["post-1004547587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-cbs","tag-harbor-group-international-llc"],"acf":[],"yoast_head":"\nCBS Building Sells for $760M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBS Building Sells for $760M\" \/>\n<meta property=\"og:description\" content=\"The Manhattan landmark traded for the first time since its 1960s completion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-17T11:36:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:28:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Screenshot_2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"882\" \/>\n\t<meta property=\"og:image:height\" content=\"663\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/\",\"name\":\"CBS Building Sells for $760M - 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